Investment Rating - The report suggests to pay attention to the listing progress of the company and investment opportunities in related companies with advantages in IP and channels [4]. Core Viewpoints - The leading card manufacturer, 卡游, has submitted its IPO application to the Hong Kong Stock Exchange, leveraging popular IP products like 小马宝莉 to achieve significant revenue growth [4][7]. - The company is projected to achieve a total merchandise transaction value of 23.1 billion yuan in 2024, with collectible card merchandise transaction value reaching 18.7 billion yuan [4]. - Revenue from 2021 to 2024 is forecasted to be 2.298 billion, 4.131 billion, 2.662 billion, and 10.057 billion yuan respectively, with adjusted net profits of 795 million, 1.620 billion, 934 million, and 4.466 billion yuan [4]. - The company holds a 71.1% market share in the collectible card market in China as of 2024, maintaining its top position [4]. Summary by Sections Company Overview - 卡游 has accelerated its IP reserve expansion, increasing the number of IPs from 30 in 2022 to 70 in 2024, while reducing reliance on single IPs [4]. - The company has diversified its product offerings beyond collectible cards, with the revenue share from collectible cards decreasing from 95.1% in 2022 to 81.5% in 2024 [4]. Financial Performance - The overall gross margin for the company is high, with collectible card gross margins projected at 59.5%, 69.9%, 71.1%, and 71.3% from 2021 to 2024 [4]. - The adjusted net profit margin is expected to be 35%, 39%, 35%, and 44% for the same period [4]. Market Position - The top five companies in the collectible card market hold a combined market share of 82.4%, with 卡游 being the dominant player [4]. - Major investors include Sequoia and Tencent, with significant investments made in 2021 [4]. Future Plans - The company plans to use approximately 45% of the IPO proceeds for expanding and upgrading production facilities, 15% for enriching its IP matrix, and 10% for product design and development [4].